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Market Drivers

The market for lubricating oil additives is primarily driven by factors including rising demand from the automotive and industrial sectors. While the primary barriers for lubricating oil additives include the push toward alternative fuels, increasing competition from an unstructured and fragmented industry, and a decline in the use of metal parts by automakers. One significant opportunity is the rising need for renewable energy.

The automotive industry's rising need for additives is anticipated to drive market expansion throughout the anticipated time frame. These additives enhance the lubricant's properties, enabling the engine to operate more effectively and affordably. These compounds also serve as antioxidants to lengthen the lifespan of the hardware, prevent corrosion, and improve viscosity index.

This will probably lead to a rise in product demand in the upcoming years. As a detergent, lubricating oil additives can be used to keep dirt out of oil compositions. The wide range of applications for these additives are anticipated to fuel market growth over the course of the projected period.

Market Limitations

While the primary barriers for lubricating oil additives include the push toward alternative fuels, increasing competition from an unstructured and fragmented industry, and a decline in the use of metal parts by automakers. Major producers of lubricant oil additive agents are fighting against fierce competition from unorganized businesses who offer cheap, inferior goods. Local and grey market players are examples of unorganized market participants; local players offer goods produced in-house under their own local brand names, while grey market players import and sell goods through unlicensed dealers.

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COVID-19 Analysis:

Nearly all areas of society have been impacted by the global epidemic. The market for lubricating oil additives has experienced negative growth as a result of the global supply chain's interruptions and the drop in oil prices. The decline in demand from the automotive industry is what led to this issue.

South Asian nations that make up APAC, including India, Bangladesh, Sri Lanka, and Central Asian nations, had a decrease in vehicle traffic. This decreased the region's need for fuels and lubricating oil additives. China, which currently dominates the APAC market for lubricating oil additives, originally suffered greatly from the pandemic.

Market Segmentation:

By End-User

Over the course of the review period, the automobile industry gained the majority of market share.

By type of Additive

Over the review period, the antioxidants category is anticipated to experience significant expansion. As mineral oils react with airborne oxygen to produce organic acid, antioxidants assist prevent the oxidation of oils. Some oxidation byproducts, including peroxide, alcohols, acids, esters, aldehydes, and ketones, make oil more viscous, produce varnish and sludge, and damage oxidation-prone metallic components. Anti-oxidants are thus additives that aid in boosting base oil's oxidative resistance and enable lubricants to function properly at greater temperatures.

By Application

Over the course of the study period, the engine oil segment is projected to grow significantly. Engine oil additives are made to guard against mechanical wear and corrosion in a variety of engine types, including stationary natural gas engines, heavy-duty diesel engines, marine diesel engines, motorcycle engines, recreational vehicle engines, and heavy-duty diesel engines. By increasing fuel efficiency, it contributes to improve the performance of the vehicle. At various temperatures, it also provides great lubrication and lessens environmental effect. During the projection period, there will likely be an increase in the amount of additives added to engine oil to comply with strict environmental standards.

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Geographic Analysis:

In 2017, the biggest market share for lubricating oil additives was held by Asia-Pacific. The rising demand for the product in the automotive industry, particularly in developing nations like China, India, Japan, Indonesia, and South Korea, should be credited for this. Additionally, the market for lubricating oil additives is anticipated to develop over the course of the forecast period due to the expansion of the industrial sector and the need to improve machine efficiency.

The other important markets for lubricating oil additives are North America and Europe. Given that North America is the second-largest producer of automobiles, there will likely be a rise in demand for lubricating oil additives in the years to come. The market for the product is expected to increase in Europe because to the growing need to reduce gas emissions and improve fuel economy, as well as technological developments in the automotive industry. Germany, the UK, France, and Italy are the principal contributors to market expansion in this region. Finally, due to technological developments and the rising demand for automobiles in these countries, it is anticipated that the markets in the Middle East and Africa and Latin America would experience considerable growth over the projection period.

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